Dubai International Properties (DIP), a division of Dubai Holding, yesterday announced the launch of a Dh7.3 billion tourism development in Morocco.
Located on 100 hectares in Rabat's Bouregreg area, the development will include a yacht harbour, five-star hotels and resorts and a convention centre.
The project, named Amwaj, will be built in collaboration with Moroccan savings bank Caisse de Depot et de Gestion and SABR Management.
Dubai Holding chief executive Mohammad Al Gergawi said, "This project aims at putting the Moroccan capital on the map as one of the most important Mediterranean cities. The project will boost the commerce and tourism sectors in the city."
It will include thousands of apartments and office space with state-of-the-art facilities. The project will include hundreds of shops which will be spread over an area of 100,000 square metres with malls, parks, theatres and landscaped areas.
"The launch of this project demonstrates our confidence in the future of the Moroccan economy. This project is a realisation of the vision of the two countries and reflects the strong bond between the UAE and the Kingdom of Morocco in several areas including diplomacy and economy. It is also the outcome of the visit of His Majesty King Mohammad VI to the UAE recently and the visit of General Shaikh Mohammad Bin Rashid Al Maktoum, Dubai Crown Prince and UAE Defence Minister, to Morocco a few months ago."
Amwaj will be the first component to be implemented under the prestigious Bouregreg project located in a valley close to Rabat.
Its architectural planning reflects the history, culture and heritage of the kingdom. This will help transform its river banks into a social centre and create more job opportunities and economic development, Al Gergawi said.
DIP will design the project that will combine Moroccan heritage.
Farhan Faraidooni, CEO of DIP, said Amwaj will be a city that will offer modern lifestyle amenities and enhance the beauty of the Bouregreg river banks. It will be an ideal destination for tourism and leisure.
DIP, Caisse de Depot et de Gestion and SABR Management signed an agreement in Rabat yesterday to develop and manage the project.
The signing of this agreement came after extensive talks over the last few months, Faraidooni said.
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